Ajmal Stud Europe: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Ajmal Stud Europe
Largest movements
- Stocks and contracts +€78,000
up €78,000 (+25.9%), from €300,872 to €378,872
of which Contracts in progress: +€70,000
- Receivables within one year -€43,585
down €43,585 (-66.2%), from €65,809 to €22,224
of which Trade receivables: -€44,449
- Tangible fixed assets -€27,802
down €27,802 (-22.8%), from €121,955 to €94,153
- Cash +€5,627
up €5,627 (+70.1%), from €8,027 to €13,654
mainly Receivables within one year (+€43,585) and Depreciation (+€35,654)
- Deferred charges and accrued income -€5,617
down €5,617 (-14.5%), from €38,833 to €33,217
- Other debts -€12,683
down €12,683 (-62.9%), from €20,170 to €7,487
- Tax, wage and social debts +€12,265
up €12,265 (+42.6%), from €28,825 to €41,090
of which Remuneration and social security: +€10,094
- Trade debts +€7,714
up €7,714 (+17.2%), from €44,869 to €52,583
- Staff costs +€68,282
up €68,282 (+40.8%), from €167,429 to €235,711
- Gross operating margin +€56,167
up €56,167 (+25.5%), from €220,427 to €276,595
- Depreciation -€9,535
down €9,535 (-21.1%), from €45,188 to €35,654
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €536,696 | €543,319 | +€6,623 | +1.2% |
| Fixed assets | 21/28 | €123,155 | €95,353 | -€27,802 | -22.6% |
| Tangible fixed assets | 22/27 | €121,955 | €94,153 | -€27,802 | -22.8% |
| Land and buildings | 22 | €59,698 | €51,029 | -€8,669 | -14.5% |
| Plant, machinery and equipment | 23 | €39,216 | €28,898 | -€10,318 | -26.3% |
| Furniture and vehicles | 24 | €23,041 | €14,226 | -€8,816 | -38.3% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €413,541 | €447,966 | +€34,426 | +8.3% |
| Stocks and contracts in progress | 3 | €300,872 | €378,872 | +€78,000 | +25.9% |
| Stocks | 30/36 | €160,872 | €168,872 | +€8,000 | +5.0% |
| Contracts in progress | 37 | €140,000 | €210,000 | +€70,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €65,809 | €22,224 | -€43,585 | -66.2% |
| Trade receivables | 40 | €56,757 | €12,308 | -€44,449 | -78.3% |
| Other amounts receivable | 41 | €9,052 | €9,916 | +€865 | +9.6% |
| Cash at bank and in hand | 54/58 | €8,027 | €13,654 | +€5,627 | +70.1% |
| Deferred charges and accrued income | 490/1 | €38,833 | €33,217 | -€5,617 | -14.5% |
| Total equity and liabilities | 10/49 | €536,696 | €543,319 | +€6,623 | +1.2% |
| Equity | 10/15 | €92,858 | €92,185 | -€673 | -0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €23,480 | €23,480 | = | 0.0% |
| Distributable reserves | 133 | €23,480 | €23,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,378 | €48,705 | -€673 | -1.4% |
| Amounts payable | 17/49 | €443,837 | €451,134 | +€7,296 | +1.6% |
| Amounts payable after more than one year | 17 | €49,973 | €49,973 | = | 0.0% |
| Financial debts | 170/4 | €49,973 | €49,973 | = | 0.0% |
| Amounts payable within one year | 42/48 | €393,865 | €401,161 | +€7,296 | +1.9% |
| Trade debts | 44 | €44,869 | €52,583 | +€7,714 | +17.2% |
| Suppliers | 440/4 | €44,869 | €52,583 | +€7,714 | +17.2% |
| Advances received on contracts in progress | 46 | €300,000 | €300,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €28,825 | €41,090 | +€12,265 | +42.6% |
| Taxes | 450/3 | €1,656 | €3,828 | +€2,171 | +131% |
| Remuneration and social security | 454/9 | €27,169 | €37,263 | +€10,094 | +37.2% |
| Other amounts payable | 47/48 | €20,170 | €7,487 | -€12,683 | -62.9% |
| Remuneration, social security and pensions | 62 | €167,429 | €235,711 | +€68,282 | +40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,188 | €35,654 | -€9,535 | -21.1% |
| Other operating charges | 640/8 | €942 | €1,556 | +€614 | +65.2% |
| Non-recurring operating charges | 66A | €17 | - | -€17 | |
| Gross operating margin | 9900 | €220,427 | €276,595 | +€56,167 | +25.5% |
| Operating profit (loss) | 9901 | €6,852 | €3,675 | -€3,177 | -46.4% |
| Financial income | 75/76B | €926 | - | -€926 | |
| Recurring financial income | 75 | €926 | - | -€926 | |
| Financial charges | 65/66B | €2,929 | €677 | -€2,253 | -76.9% |
| Recurring financial charges | 65 | €2,929 | €677 | -€2,253 | -76.9% |
| Profit (loss) for the period before taxes | 9903 | €4,848 | €2,998 | -€1,850 | -38.2% |
| Income taxes | 67/77 | €1,656 | €3,671 | +€2,015 | +122% |
| Profit (loss) for the period | 9904 | €3,192 | -€673 | -€3,865 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,192 | -€673 | -€3,865 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.